A new reinsurance enterprise backed by over US$1 billion in equity is set to take shape in Abu Dhabi, bringing together Wall Street giant BlackRock and local financial powerhouses under the guidance of International Holding Company (IHC), the emirate’s largest publicly traded firm.
The initiative, which has not yet been given a formal name, is spearheaded by Sultan Al Jaber — the UAE’s minister of industry and advanced technology and a key figure in the country's economic modernisation. Former Aviva and AIA chief executive Mark Wilson will oversee day-to-day operations as CEO.
The venture reflects a broader strategy by the United Arab Emirates to pivot away from its oil-reliant foundations and cement its place as a hub for global finance and innovation. It aims to manage up to US$10 billion in liabilities over time, according to an official statement released this week.
BlackRock, the world's largest asset manager, is expected to take a minority stake in the reinsurance business. The firm will contribute expertise across insurance asset management, technological infrastructure, and strategic advisory, underscoring its deepening ties with insurance markets globally. The venture will also benefit from the backing of Lunate, an Abu Dhabi-based investment company, which brings a portfolio spanning public and private assets.
Incorporating artificial intelligence into its underwriting platform is a central part of the business plan. The use of AI is expected to streamline risk evaluation processes and accelerate decision-making, a growing trend in an insurance sector where predictive analytics are becoming increasingly vital.
The announcement comes at a time when Abu Dhabi is rapidly expanding its investment landscape. Recent years have seen the emergence of initiatives such as MGX, a vehicle focused on artificial intelligence, and XRG, which targets energy-related investments. These ventures form part of a national policy to diversify the UAE economy by leveraging the emirate’s sovereign wealth — an estimated US$1.7 trillion held across three major funds — and attracting foreign capital to sectors such as healthcare, technology and finance.
BlackRock’s involvement marks a continuation of its strategic push into insurance markets. While it does not own traditional insurance firms outright, it holds significant equity positions in several carriers, including Mercury General, Radian Group, and Primerica. It also plays a quiet but influential role as an asset manager for global insurers via its Financial Institutions Group, and it recently co-led the acquisition of Germany’s Viridium Group, a life insurance consolidator, alongside Allianz.
This growing relationship with Abu Dhabi aligns with a broader geopolitical ambition to attract international finance and ensure long-term economic resilience in a post-oil era. By leveraging AI and partnering with heavyweight global investors, the UAE signals it is not just opening its markets — it is actively reshaping the future of global risk capital.
